New Foreclosures Up In Q3

Posted by Orb Staff on December 30, 2010 No Comments
Categories : Mortgage Servicing

The number of new foreclosures increased to more than 382,000 in the third quarter, according to a new report issued by the Office of the Comptroller of the Currency and the Office of Thrift Supervision. This figure represents a 31.2% increase from the second quarter and 3.7% more than a year earlier.Â

The regulatory agencies reported that the number of foreclosures in process increased to 1.2 million, 4.5% more than in the previous quarter and 10.1% more than a year earlier. The number of completed foreclosures also increased to nearly 187,000, a 14.7% increase from the previous quarter and 57.5% more than a year earlier.

The agencies also noted that 87.4% of the 33.3 million loans in the portfolio were current and performing at the end of the third quarter, a level unchanged from the previous quarter.

Although foreclosure activity increased during the quarter, servicers reported almost twice as many home retention actions as completed home forfeiture actions. Servicers implemented 470,321 home retention actions – including loan modifications, trial period plans and shorter-term payment plans – compared with 244,840 home forfeiture actions.

The full report can be found online.

SOURCES: Office of the Comptroller of the Currency, Office of Thrift Supervision

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